Bankruptcy is not a bad shameful thing to do, it is done so that people who have huge debts are released from it and can have a secured financial future and enjoy it.
Secret #1- you do not lose all your property if you file for bankruptcy.
Under Illinois law, you are allowed to keep necessary things like home, car, and furniture to start your new fresh life but there is a limit to the value of things. It is exaggerated by the credit industry so the fear remains.
Secret #2- You don’t have to be poor and bankrupt to file under chapter 7.
You can have a certain amount of property as well as a job and bank account and still file under chapter 7. Once your case is filed you can own anything after that and the creditors don’t have any right over them, for example, if you win a lottery after filing the case, the lottery money is completely your, except in some cases and states.
Secret #3- It is not filed only when you owe a certain amount of money.
It is for people who have existing debts who can’t repay them. It is mainly dependent on your income, assets, and your existing debt.
Secret #4- it is not true that you can never get credit again.
Yes, after filing for bankruptcy your credit is a bit exaggerated but after a while, you will receive offers for credit cards and you can take them, but is it advisable that you should do so only after you have a savings plan and you are financially stable. You can even buy a house after a while when you have proof that you are financially secured.
Secret #5- news about your bankruptcy is not said to your employer by the court.
Yes, the court does sometimes tell your employer to stop the payments or direct them to the court but it does not state the reason for the same.
Secret#6- you alone can file for bankruptcy even if you are married.
Your spouse does not need to file bankruptcy as well if your debts are just under your name, but if it is joint debt then the creditor will ask for the whole amount from your spouse. In this case, you might want to file together.
Secret #7- bankruptcy won’t affect your immigration status.
If you are an immigrant and you fear filing for bankruptcy due to this reason, fear not it generally does not affect your immigrant status but still, it is advisable for you to check it with your attorney.
Secret #8- you are not alone when it comes to filing for bankruptcy.
Many of your friends and coworkers have filed for bankruptcy but don’t talk about it. Even famous people Like Author Mark Twain, Automobile Manufacturer Henry Ford, Actor Burt Reynolds, Hollywood Director Francis Ford Coppola, Actress Kim Basing, Even Airlines Like United Airline, Continental Airlines And US Airlines That Too Twice And Any Others.